Wanting to know quote for this
Assessment 2 – Manual assignment (10%) Due Date: Monday 5 October 2020 4pm Details of Task: Each student’s assignment will contain a unique series of business transactions (for the month of June 2019) generated by a computer program. Each assignment is numbered, with a record being kept of which numbered assignment you receive. You will receive your assignment via email by the end of Week 5. To receive this email you must be officially enrolled in this unit. If you have not received your assignment by the end of Week 5, or if you are late to enrol, please contact the Chief Examiner, john.gerrand (
[email protected]) as soon as possible to receive your assignment. Please note that it is the students’ responsibility to ensure that they liaise with the Chief Examiner if they have not received the assignment. Using the unique series of business transactions (data) students are required to: Manually record the transactions through the general journal and general ledger, prepare balance day adjustments, closing entries, financial statements and a worksheet. Submission details: You are required to submit an electronic copy of your assignment through the Moodle site by Monday 5 October 2020 at 4pm. The file submitted needs to be in an excel format (.xls or .xlsx). In your assignment submission, you must include the following: - Assessment coversheet (available on Moodle) - 10-column worksheet - properly classified income statement for the month ended 30 June 2019 - properly classified balance sheet as at 30 June 2019 Also note, the general journal entries, ledger accounts, and trial balances prepared to complete the assignment are NOT to be submitted with the assignment. These are workings. Please note that it is essential to include your tutor's name and tutorial time on the cover sheet of the assignment. Failure to do so will cause a delay in the marking of your assignment. Penalties for late lodgement: A penalty of 10% of the total mark allocated to this assessment task will be deducted for each day, or part thereof, it is late. Applications for extension of time: Applications for an extension of time allocated to an assessment task must be made by completing the application form found at URL: https://connect- forms.apps.monash.edu/students/special-consideration/. https://connect-forms.apps.monash.edu/students/special-consideration/ https://connect-forms.apps.monash.edu/students/special-consideration/ ACCACF1100 manual assignment ACC/ACF1100 Assignment #: 906 Proprietor: Dr. Furball Fixer Name: Best Friends Vet Clinic Description: Animal Surgery The business has the following opening balances: Additional Information: Cash At Bank $15,837 Bank loan interest rates (% per year) 8 Account Receivable $24,011 Motor vehicle useful life (years) 2 Motor Vehicle $32,028 Motor vehicle scrap value ($) 4,757 Account Payable $7,899 Insurance paid for (months) 3 Bank Loan (due 2022) $27,029 Rent paid for (months) 3 Medical Equipment $39,643 Medical equipment useful life (years) 4 Office Supplies $604 Medical equipment scrap value ($) 2,971 Medical Supplies $1,960 Closing stock of office supplies on 30/6 ($) 630 Capital ? Closing stock of medical supplies on 30/6 ($) Staff work a 14 day fortnight and are paid on the 15th day. 2,110 Transactions: Date Description Amount Date Description Amount 1-Jun Paid General Insurance $2,926 3-Jun Payment to Account Payable $1,142 3-Jun Rent of Business Premises $3,672 6-Jun Pet consultation - Account $1,277 6-Jun Cash Withdrawals by Owner $881 8-Jun Vaccination - Account $811 8-Jun Sundry Expenses $270 11-Jun Motor Vehicle Expenses $271 13-Jun Purchase medical supplies - Account $557 13-Jun Advertising Expense - Account $1,386 15-Jun Vaccination - Account $1,150 15-Jun Staff Wages $2,992 17-Jun Purchase medical supplies - Cash $452 18-Jun Desexing - Cash $2,150 19-Jun Desexing - Cash $2,002 20-Jun Vaccination - Cash $1,442 21-Jun Vaccination - Cash $1,159 21-Jun Payment to Account Payable $1,273 22-Jun Pet consultation - Cash $2,009 23-Jun Purchase office supplies - Account $815 23-Jun Advertising Expense - Cash $675 25-Jun Additional cash contributed by owner $3,162 26-Jun Pet consultation - Account $1,299 27-Jun Receive Payment from Account Customers $1,585 28-Jun Receive Payment from Account Customers $1,014 29-Jun Pet consultation - Cash $2,085 29-Jun Staff Wages $2,992 Comments: - Assume that this assignment involves an existing business that was purchased by the new owner on 1 June 2019. - Note the list of transactions is in date order, left to right, line by line. - Use three separate ledger accounts for revenue, namely pet consultation, vaccination and desexing fees. All revenues relate to the month of June. - Transactions involve cash unless specified as ‘Account’. - Record payments for rent and insurance in prepaid accounts initially. - Information relevant to complete adjusting entries can be found in the top right section of this page. - The periods to which the rent and insurance apply commence on 1 June. - Round your calculations to the nearest dollar.